Supply chain specialist Wincanton, which has contracts with the big four, Waitrose, Somerfield and The Co-operative Group, has pulled out of the race to acquire rival logistics company TDG.

Wincanton tabled a £229m bid for TDG last month, beating a rival offer of 266.25p a share from private equity firm Laxey Partners which holds a 20% stake in TDG.

However, in a statement this morning Wincanton said: “Wincanton has concluded that it is not in the best interests of Wincanton shareholders to proceed with an offer for TDG and has informed the board of TDG of this decision.”

“Wincanton accordingly confirms that it has no intention of making an offer for TDG at this time,” the company added.